Anti-crisis measure: Leaders of the coalition agree on the introduction of promissory notes

Deputy Prime Minister Dan Nica said the payment system with promissory notes issued by local authorities would be re-introduced in order not to affect investment schemes, this being considered as a measure to weather crisis as it uses private financial resources.

At the end of the coalition meeting, deputy Prime Minister Dan Nica said that a number of local leaders had been invited to attend the talk on the introduction of promissory note system, such as mayor of Constanta, Radu Mazare, president of County Council of Vrancea, Marian Oprisan and mayor of Iasi, Gheorghe Nichita.

“Attendees outlined the benefits of maintaining this payment system centered on promissory notes, such as their ability to enable investment programs conducted by local authorities to be run under proper conditions. In times of crisis, it’s advisable to use all private financial resources available, and this is what promissory notes imply. In fact, they represent a promise to the companies by one party to pay a sum of money in one year, two, three, five given the terms provided by the contract”, said Nica.

Radu Mazare commented: “If one thing is running perfectly for eight years, why should I make it go wrong, especially in crisis? We have outlined the need of introducing this system, we have talked to the other mayors, and we share the same viewpoints. They didn’t oppose, I repeat, it is a mean by which we, as local authorities, receive financing, and by which we finance a series of projects”, Mazare.

Nica added the Ministry of Finance is due to submit in the Government session scheduled for Wednesday a series of solutions that would enable local authorities to use promissory notes as payment instruments. “Another topic on today’s agenda is related to the need of changing the legal framework so that promissory notes issued by local authorities to represent a payment instrument that can be used both by mayors and county councils. This measure can also act as a support to local authorities to put in place their investment projects”.

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